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The thesis is based on the belief that Harvey Norman is overstating earnings and accumulating bad debt, particularly as franchise revenues and cash receipts have diverged significantly. The upcoming A

Harvey Norman is a fragile business at the peak of an economic cycle, facing structural challenges from competition and a lack of transparency from management. The sustainability of franchisee revenue

C.H. Robinson is facing significant challenges from online travel platforms that are reducing demand for its services. The company's valuation is expected to compress as it misses consensus estimates,

Spotify's business model has negative economics due to high variable costs associated with paying record labels for each new user. The company is expected to fail to meet market expectations following

Spotify is a good product but a bad business due to its high payout to record labels and increasing competition from major tech players. The company pays out 52% of its revenue to the Big Three record

Credit Acceptance is facing declining loan-level returns and increasing provisions for credit losses, which will negatively impact its earnings. The company is under-provisioned compared to peers, and

Credit Acceptance Corporation is recommended as a short due to projected EPS decline driven by flat growth in new loan originations, a declining yield, and increased provisions for credit losses. With

Stericycle is overvalued due to declining EBITDA, margin erosion from shrinking end markets, and value-destructive acquisitions that have strained its balance sheet. The company faces significant risk

Mark Cooper discusses his positive outlook on Deere & Co. due to its strong market position and potential for growth in agricultural technology.

The team believes that Digicel's bonds are at risk due to the company's high debt levels and challenging market conditions, making them a poor investment.

The pitch suggests that Harvey Norman is facing challenges from changing consumer preferences and increased competition, which will adversely affect its sales and profitability.

The team argues that C.H. Robinson is overvalued due to its reliance on a cyclical industry and potential disruptions from technological advancements in logistics.

The pitch highlights concerns over Spotify's profitability and competitive position in the streaming market, suggesting that its current valuation is not justified given its financial metrics.

The team believes that Credit Acceptance Corporation's business model is unsustainable due to increasing regulatory scrutiny and potential defaults in the auto loan market, leading to a decline in its

The pitch argues that Stericycle is facing significant headwinds due to regulatory challenges and declining demand for its services, which will negatively impact its financial performance.

We established a sizeable position in Premier Foods after the board poorly rejected a takeover proposal, leading to a significant drop in the stock price. We believe there is potential for a transacti

Nintendo was identified as a classic value investment, trading at a mere 20% premium to its cash value when the investment was made. This suggests that the market is undervaluing the company's potenti

PanaHome Corp. is trading at a significant discount, with over 89% of its market cap in cash and zero leverage. The business is valued at just one and a half times earnings ex-cash, and it has strong

While SAP's strategy is not flawed, it is expected to experience slower growth relative to Oracle due to its lack of investment in cloud technology. At the right price, SAP could be an attractive inve

Oracle is in a strong competitive position due to its significant investments in cloud technology, which are beginning to pay off as their earnings growth accelerates. Despite a temporary dip in earni

Parker-Hannifin is a leader in motion control products and has a substantial aerospace business, which provides stable cash flows and long-term equity duration. The company has been a successful inves

We recommend a long on First Data Corporation with an end of 2020 price target of $39, implying a 128% absolute return and 30% IRR. FDC is a winner in an oligopolistic market with industry leading mar

We anticipate the NTM multiple to re-rate to historical levels after FLT proves consistent new customer wins and unaffected retention rates for the next few quarters. Our valuation assumes a two-year

FleetCor Technologies offers an attractive business model with strong network effects and an industry-leading return on invested capital (ROIC). The company is expected to grow revenue by approximatel